Mubarak: World's Richest Man?
Family fortune may reach $70B: report
By Matt Cantor,  Newser User
Posted Feb 7, 2011 10:07 AM CST
Egyptian President Hosni Mubarak looks on during his meeting with Palestinian authority President Mahmoud Abbas, not pictured, at the Presidential palace in Cairo, Egypt, Monday, Jan. 24, 2011.   (AP Photo/Amr Nabil)

(Newser) – Hosni Mubarak may be the richest man in the world—by far—if reports are correct. The Guardian reported that Middle East experts put the Egyptian leader’s family fortune at some $70 billion, which the New York Post notes is quite a bit more than the riches of both Mexican businessman Carlos Slim Helu and Bill Gates, whose fortunes clock in at $53.5 billion and $53 billion, respectively, according to Forbes.

The money is held in foreign bank accounts as well as tied up in real estate in New York (whose whereabouts remain a tightly kept secret, notes the Post), Beverly Hills, London, and the Red Sea coast. Mubarak has benefited from hugely profitable investments as president. “There was a lot of corruption in this regime and stifling of public resources for personal gain,” says an expert. But other Middle Eastern leaders may boast comparable fortunes of between $40 billion and $70 billion, a political science professor tells ABC News.

 

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